Category: Entrepreneurship

An Entrepreneur’s Guide To Patents

As entrepreneurs, we often are fearful of others taking our precious ideas. Thus, we look towards patents and other types of intellectual property to protect our ideas. In this blog article, I’m going to discuss what patents are useful for, when you should get them, and some of my personal mistakes with patents.

 

Entrepreneurs very often come across ideas that are revolutionary and one-of-a-kind. Before they go any further, they become terrified someone may steal their idea and look for some sort of protection.

 

 

Patents – one of the most common ways to protect an idea or innovation is the first thing many entrepreneurs look to. They costs thousands of dollars and often provide little value for just an “idea”, but people still continue to use them.

 

 

In this blog article, I’m going to discuss what patents are useful for, when you should get them, and some of my personal mistakes with patents.

 

 

What Patents Really Mean

 

For some reason, many entrepreneurs think a patent protects their idea or innovation from just about anything/anyone. That’s the least bit true.

 

 

First of all, patents take a very long time before they are issued. The examiner in the patent office usually picks up an application 18-24 months after it has been filed.

 

 

From there, most patents are sent back to the attorney since the claims made on them are too broad. Factor in the rebuttal process and the average patent typically takes 36 months to be issued.

 

 

Did you know 66% of new businesses don’t make it past the first 2 years? It’s scary to know that your patent may be issued well after you go out of business. During the process, your idea or innovation is known as “patent-pending”.

 

 

Essentially, an entrepreneur is paying thousands of dollars (typically between $6,000 to $20,000 depending on the type of patent) to have a “non-guaranteed status”.

 

 

Patents don’t really mean much for an entrepreneur just starting out. It’s a status for their product or idea, but it doesn’t bring them any tangible return.

 

 

When Patents Mean Something

 

Before launching StatFuse, my partner & I decided to invest $6,000 to get a patent on our algorithm. It seemed like the best idea at the time since we were scared that people may steal our idea.

 

 

Until this day, it’s one of the worst investments we have made. Why? Because, we really didn’t need a patent. We were worried about people “stealing” our idea, but ideas don’t mean shit.

 

 

It’s the actual execution of the idea and our startup hitting the spotlight that would potentially cause someone to replicate our model. Funny thing is, we are in patent-pending status but still have a company who has copied our idea.

 

 

Nevertheless, we can’t stop them from doing what we’re doing. Shows just how much the patent helped, right?

 

 

Patents are best looked at as “insurance”. If you buy a beat up car for $1,500…..you really don’t care whether it’s insured or not. However, when you buy a $50,000 Mercedes Benz…..you really step up the insurance package on it.

 

 

Your ideas and innovations are the same way. If you’re just starting out and have no sales, you really don’t need insurance for your idea through a patent. However, if you’re looking to pitch to investors, they definitely want to know their $200,000 investment will be insured.

 

 

When To Get Patents

 

As you can see, patents are only valuable for startups in certain times. If you’re looking for outside help such as funding, endorsements, or even bringing on a bigger team…..patents can be helpful.

 

 

People want to know their time, money, or image are well-protected. Patents don’t have much face value, but it’s just an insurance package for many.

 

 

If your ideas or innovations hit the spotlight and start gaining major traction, getting a patent is a MUST! People love to imitate models and ideas that have shown positive grow.

 

 

The best times to get patents are when your idea or innovation are actually going somewhere or when your startup is ready to seek outside assistance.

 

 

I Have An Idea, But I’m Still Scared 

 

Especially after watching the Social Network, we all have this paranoia of people taking our ideas. Patents make us feel safe while we share ideas with others.

 

 

I’ve been through that phase and I know exactly how it feels! For the entrepreneur who is really scared to share their ideas without protection, I have a suggestion for you.

 

 

You can get subsidies of patents, which are known as “provisional patents”. Essentially, they are an extension for patents.

 

 

In any point of time, you get to fill out some documentation outlining your idea/innovation. The provisional patent essentially says that you’re the owner/creator of the idea, but you haven’t gone ahead and filed an actual patent for it.

 

 

From that period, you have 12 months to file an actual patent on it. These provisional patents cost less than $1,000 and gives you the ability to develop your product.

 

 

Once your product gains traction, begins to work, or even requires outside assistance, you can file for a patent within the 12 months.

 

 

Conclusion

 

Patents have a lot of gray areas that many entrepreneurs don’t understand. When I started out as an entrepreneur, I really overestimated the value of patents.

 

 

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5 Books Entrepreneurs Should Read

As entrepreneurs, we know that self-education never stops. One of the best ways to expand our knowledge is by reading books. Thankfully, entrepreneurs have a wealth of information and resources available to help further their learning. Over the last few months, I’ve done quite a bit of reading myself. I’ve read books I found interesting, taken suggestions from other entrepreneurs, and even searched books on specific topics. After reading about 20 books, I have created a list of 5 books that entrepreneurs should read.

 

As entrepreneurs, we know that self-education never stops. One of the best ways to expand our knowledge is by reading books.

 

 

Thankfully, entrepreneurs have a wealth of information and resources available to help further their learning. Over the last few months, I’ve done quite a bit of reading myself.

 

 

I’ve read books I found interesting, taken suggestions from other entrepreneurs, and even searched books on specific topics. After reading about 20 books, I have created a list of 5 books that were extremely useful.

 

 

Here are 5 books entrepreneurs should read:

 

 

1. The Millionaire Fastlane by MJ Demarco 

 

This book is long, but it puts a great perspective on entrepreneurship. For those of you who may be trying to decide whether a 9 to 5 job or entrepreneurship is better for you, this book really helps you analyze both options. This book justifies why entrepreneurship is the smarter choice and has a lot of great factual evidence to back it up.

 

 

2. Outliers: The Story of Success by Malcolm Gladwell 

 

Malcolm Gladwell goes on a journey to discover what makes the super-achievers different from the regular people in society. He does an in-depth analysis on the successes of the world to find what really makes them successful. From his search, he finds that their successes are related to their culture, family, generation, opportunities present, and other experiences.

 

 

3. Pitch Anything by Oren Klaff 

 

I found this book when I was looking for something to help me with sales, negotiation, and persuading others. Oren Klaff was a professional ‘pitcher’ who raised large amounts of capital for his clients projects. He shares one of the greatest persuasion strategies I have ever heard. His persuasion strategy has worked for me countless times helping me close many deals after reading his book.

 

 

4. You Call the Shots by Cameron Johnson 

 

Cameron Johnson started his first business at the age of 9 and never looked back. He’s had tremendous success in the world of entrepreneurship. This book shares some essential techniques that all entrepreneurs should know by detailing personal stories from his life. He shares his struggles, milestones, and successes as an entrepreneur as well as the many lessons he learned along the way.

 

 

5. Think and Grow Rich by Napoleon Hill 

 

This book is a very practical one. Napoleon Hill shares some of the best practical information about the mindset required to succeed and become wealthy. This book was a bestseller and sold over 15 million copies worldwide. This book is known as the big daddy of all motivational books and is a must-read for entrepreneurs looking to make huge strides.

 

 

Bonus: The Pursuit of Passion – An Entrepreneurs Starter Guide To Success by Jeet Banerjee 

 

Many entrepreneurs ask me some basic questions everyday. How do I become successful? I have a business idea, what do I do? What does it take to become a successful entrepreneur?

 

 

While, I could never answer these questions fully….I got tired of giving people the same responses over & over again. Thus, I decided to write this book to help entrepreneurs out.

 

 

My book helps entrepreneurs understand the mindset and skills they must develop first in order to succeed. From there, my book guides them on how to go about from turning their ideas into successful businesses. You can buy my book for $9.99 at the link above.

 

 

Limited Time Special: If you buy my book within the next 7 days, you will receive a FREE 30 minute consultation with me. ($100 Value – Absolutely FREE)! 

 

 

Conclusion

 

As entrepreneurs, we must understand that learning never stops. While there are millions of great books out there, these are 5 books every entrepreneur should read at least once.

 

 

Do you have any books that have helped you tremendously? Feel free to comment below and share!

 

 

VALUE – The Game Changer For Startups

Great ideas mean nothing. Whether you’re trying to acquire subscribers for your product or sell your services to someone, you must deliver VALUE. When I learned about the word VALUE and what it meant, turning good ideas into great businesses made all the sense in the world. I’m going to talk more about the word VALUE and how it has helped me give customers what they want:

 

I remember launching my first web startup because I thought it was a great idea. All I cared about at that time was how good the idea was.

 

 

I thought, if your idea is great…..how can you not get wealthy with it? Fast-forward to today (a year and a half later) and boy have I learned a lot.

 

 

Great ideas mean nothing. Whether you’re trying to acquire subscribers for your product or sell your services to someone, you must deliver VALUE.

 

 

When I learned about the word VALUE and what it meant, turning good ideas into great businesses made all the sense in the world. I’m going to talk more about the word VALUE and how it has helped me give customers what they want:

 

 

What It Means

 

When you look up the definition of VALUE in a dictionary, you get a few different meanings:

 

 

Value – The material or monetary worth of something.

 

Value – The usefulness of something considered in respect of a particular purpose.

 

Value – The worth of something compared to the price paid or asked for it.

 

 

Which of these meanings are correct? Well, all 3 of them are. Great businesses provide unbelievable value to their customers.

 

 

Finding out what kind of value your customers need/want is part of the customer development process. Value in entrepreneurship is all about giving your user/customer/subscriber what they need.

 

 

Truly Nailing Value

 

Our first vision with StatFuse was to create a calculator that would give students their chances of admission. While that was a great idea, it lacked a lot of value.

 

 

Students said, “Great, I know my chances but how does this help me?” That’s when it hit my partner & I about what value really means.

 

 

Giving people their chances was cool and fun, but it had no intrinsic value for them. When we changed our portal to include more features and tools that actually helped students improve their chances of getting accepted, the feedback was tremendous.

 

 

Suddenly users were flocking to our website looking to sign up because we were giving them VALUE. Instead of giving users something a peace of mind, we were actually helping them get into their dream college.

 

 

Translating great ideas into great businesses can take a lot of time. Often times, you really need to understand who your customer is and how you can really help them.

 

 

Conclusion

 

Value is something that every startup or entrepreneur should really understand. It’s something that can really take your startup from a good idea to a solid business.

 

 

Whether you’re looking to raise money from investors or build the next big company, it’s important to build something that is scalable and creates uncanny value for others.

 

 

What is your opinion on VALUE? Share your thoughts & comments below.

 

 

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7 Things New Entrepreneurs Say, But Really Shouldn’t

I remember taking the leap into entrepreneurship like it was just yesterday. Even though it has been almost 4 years now, the memory is stronger than ever in my mind. As a new entrepreneur, I said a lot of things that I really shouldn’t have. Looking back, many NEW entrepreneurs say these things. Here are 10 things new entrepreneurs say, but really shouldn’t.

 

I remember taking the leap into entrepreneurship like it was just yesterday. Even though it has been almost 4 years now, the memory is stronger than ever in my mind.

 

 

As a new entrepreneur, I said a lot of things that I really shouldn’t have. Looking back, many NEW entrepreneurs say these things.

 

 

Here are 7 things new entrepreneurs say, but really shouldn’t:

 

 

1. “I just came up with the idea that is going to kill Facebook.”

 

Entrepreneurs have big dreams and aspirations. They often stem with bringing down the big giants in their respective industries. However, taking out the goliath in your industry isn’t always feasible or the smartest idea.

 

 

Taking market share from Goliath is possible, but attempting to overthrow something that big takes a lot of time. Many startups and new businesses can piggy-ride the giants in their industries to their own benefit.

 

 

2. “We’re not too concerned with making money right now….”

 

Many startups come out of the gates with no plan to make money. When I launched StatFuse, my team & I had no idea on how to monetize it.

 

 

We decided to stay free and make money off ads or something like that. You MUST have a plan to monetize your startup otherwise it will be absolute hell trying to figure things out later on.

 

 

3. “All we need is 1% of the market to be millionaires….”

 

1% of anything looks really really easy! Believe me, 1% of something that makes you millions probably requires you to sell your product to millions of people.

 

 

Don’t look at the percentage of the market you need to capture, but rather how many people you need to sell your product to. Percentages can be deceiving and it’s an easy route for disappointment.

 

 

4. “We don’t have any money to pay you, but how about we give you 3% equity in our business….”

 

Unless you have a business that is already worth millions, it’s very disrespectful offering someone such a small percentage in your company. Many new startups make this mistake often.

 

 

However, always value the time of others in a fair manner. The last thing you want to do is insult someone by giving them an offer that is disrespectful. Find out what they value their time at, look at the valuation of the business, and reach an agreement that is fair for everyone involved.

 

 

5. “All we need is an investor or funding and we will be successful.”

 

Money doesn’t mean you will have a successful business. Building a successful business takes a lot more than just a pile of cash.

 

 

Many entrepreneurs make the mistake of finding funding way too early. It’s far better to find a way to be successful WITHOUT funding and only look for investors (just make sure you check their background and credit score if you go this route) as an ultimatum.

 

 

6. “My idea is better than yours so I will be more successful.”

 

As new entrepreneurs, we all get fixated on ideas. However, after you actually go through the process of building a business, you realize how little ideas mean.

 

 

Execution is 90% of the game while your idea is just 10% of it. Focus more on execution, user adoption, and marketing plans rather than counting yourself as a millionaire just because you have a good idea.

 

 

7. “No nevermind, I’ll do it myself.”

 

As entrepreneurs, we want to tackle every aspect of our business ourselves. However, that’s a very bad idea.

 

 

Entrepreneurs need focus. It’s one of the most important factors that can lead to success. Focus on the tasks that you are in charge of while trusting others to do other things. You can’t do everything yourself forever.

 

 

Conclusion

 

Is there a common phrase you hear among new entrepreneurs that shouldn’t be said? Feel free to comment or share below!

 

 

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What Makes For A Great Entrepreneur?

Entrepreneurs are everywhere! Everyday more and more individuals dive into entrepreneurship. Entrepreneurship is growing faster than it has ever before. Regardless of what we do, everyone wants to be GREAT. Being great in entrepreneurship isn’t always about what you do, but how you do it. I’m going to share numerous different characteristics, mindsets, and attitudes GREAT entrepreneurs share.

 

“There are no great men, only great challenges that ordinary men are forced by circumstances to meet.” – William F. Halsey

 

 

Entrepreneurs are everywhere! Everyday more and more individuals dive into entrepreneurship. Entrepreneurship is growing faster than it has ever before.

 

 

Regardless of what we do, everyone wants to be GREAT. Being great in entrepreneurship isn’t always about what you do, but how you do it.

 

 

I’m going to share numerous different characteristics, mindsets, and attitudes GREAT entrepreneurs share.

 

 

#1. They are passionate about what they build, yet have a purpose that runs far deeper than getting rich quick.

 

 

#2. They are courageous far beyond expectation and are willing to suffer the consequences of the risks they take.

 

 

#3. They hustle hard because they know hard work pays off.

 

 

#4. They are people persons. They have great charisma and people love to be around them.

 

 

#5. They dream BIG and understand that nothing is impossible.

 

 

#6. They take accountability for their own mistakes.

 

 

#7. Their belief is unbreakable. They have a vision and nothing/nobody can stop them from reaching their goals.

 

 

#8. They embrace failure, learn from it, and stay persistent.

 

 

#9. They are optimistic of the future, realistic about the current situation, and understand of the pessimistic.

 

 

#10. They are not afraid to surround themselves with people who are better than them.

 

 

#11. They are competitive, understand leverage, and know what it takes to negotiate successfully.

 

 

#12. They are open-minded and willing to pivot when change is necessary.

 

 

#13. They take nothing for granted, appreciate everything they receive, and continue to give.

 

 

#14. They make decisions based on data, results, or other visible factors.

 

 

#15. They are self-confident. They don’t worry about whether or not they will be successful, but rather then they will be successful.

 

 

#16. They have great humility. They understand that the customer is always right.

 

 

#17. They are dedicated and committed to their ventures while they maintain a high level of energy everyday.

 

 

#18. They are resourceful, reasonable, and most importantly resilient.

 

 

#19. They wake up every morning self-motivated and never have to be told twice on what to do.

 

 

#20. Most importantly, they respect everyone around them and are willing to help others in anyway possible.

 

 

Conclusion

 

As you can see, great entrepreneurs are defined not by the amount of money they make but rather the amount of character they have. It’s one thing to be good, but a whole another thing to be great.

 

 

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How to Create a Bestselling Product By Overcoming the 5 Obstacles to Sales

This blog article will teach you how to create a bestselling product by overcoming the 5 obstacles to sales. Sales is tough, but it’s a lot easier when your product sells itself. By overcoming these 5 obstacles, your product will now be ready to appeal to a mass market and the sales process will be extremely easy!

 

As entrepreneurs, our goal is to build the greatest product ever. However, very few products are ever created with the customers priorities in mind.

 

 

Once you build a great product, you need customers who are willing to pay you money for what you are selling. The biggest hiccup entrepreneurs face is finding a great way to sell their product to customers.

 

 

However, it takes more than a sales pitch to convince a LOT of your market that your product is great. There are 5 basic obstacles to sales. If you want to create a product that sells millions or even billions, you need to overcome all 5 of the obstacles to sales.

 

 

Here is how you can overcome the 5 obstacles to sales and create a bestselling product:

 

 

Obstacle 1: No Need

 

How big of a need is there for what you’re selling? The best types of products are things that people need, but cannot find. Great products also solve problems that people face and hate to live with.

 

 

I had a regular iPhone case. Suddenly, I found out that you can buy a case that stores a few of your credit cards in the back of the phone. This meant that I didn’t have to carry my wallet and phone everywhere I went.

 

 

I often made errands to the store, spent evenings hanging out with friends, or went to the gym, this product solved a HUGE problem for me. I had a need for it and I was even willing to buy another case just so that I could have this problem solved.

 

 

Great products have needs. If your product has a need and you can fulfill it, people will go out of their way (just like I did) to purchase it. Talk to your customers, ask them what problems they currently face, and see how you can pivot your product to cater to their needs.

 

 

Obstacle #2: No Money

 

What is the cost of your product? With the way our economy is today, the general consumer is very price conscious. They want to spend as little money as possible to get what they want/need.

 

 

Are your prices competitive with the competitors? Are your prices cheaper than the competitors? With any product, you generally have some competition. See how much they’re charging, how much money your customers usually spend on a product like this, and see if you can price yours better.

 

 

The more cost-effective your product is, the easier the sales process is. The difference between $49 and $99 may only be $50, but it has a huge impact on a customers decision to purchase.

 

 

With the wallet phone case I bought, it was priced at $16. I had paid $15 for my other iPhone case and cases usually ranged between $15-$20. It was priced very well, so I decided to buy it.

 

 

If it would have been over $20, I probably would have dealt with the pain of carrying my wallet everywhere I went. Price your product well because it has a huge impact on whether your customer purchases it or not.

 

 

Obstacle #3: No Hurry

 

As a customer, why should I purchase your product now? How about I go home, think about it for a few days, and then possibly make the purchase?

 

 

Great products always create a sense of urgency among your consumers. Why should your consumer buy this product NOW? The best selling products in the world are products that can create a sense of urgency and generate a purchase on the spot.

 

 

You do NOT want your customer going home or thinking about the purchase. Your conversion rates will go through the toilet as people usually become a lot more sensible when they have time to think.

 

 

Along with the startups I run, I also run a consulting business on the side. I consult startups, small businesses, and even big businesses on a variety of different topics. However, it is well known to everyone that my startups come first.

 

 

With that fact known, I have also made it clear to people that I can only work with a FEW different business owners every 3-4 months. Thus, my consulting business creates a sense of urgency among my potential customers.

 

 

They may possibly want to work with me, but they see that I don’t have many open spots left. They definitely don’t want to lose out on the opportunity to work with me, so they end up making a decision quicker than they usually would.

 

 

While this isn’t intentionally done, it’s just the way it is given my schedule. Similarly, find an honest way to create an urgency to purchase from your customers. Some good ways of doing this is showing the scarcity of your product, offering deals/discounts for immediate purchases, or throwing in free gifts for quick purchases.

 

 

Obstacle #4: No Desire

 

No desire and no need often get confused with one another. However, there is a big difference between the two. Products may have a need, but do they make the customer WANT the product?

 

 

Generally, great products create a desire to purchase. The greatest example of this is any product created by Apple. They are the masters of creating hype and selling out products on launch day.

 

 

The desire for apple products is tremendous! People want it even though they don’t really need it. I had an iPhone 4S but I waited at 6 AM to buy the iPhone 5. I didn’t really need an iPhone 5 because my iPhone 4S worked fine, but they created an uncanny desire to get it.

 

 

Is your product unique from everything else? Does your product have sex appeal? Is your packaging better than all other products? What makes your product so good that people want it really really bad!

 

 

Obstacle #5: No Trust

 

Trust is extremely important. The higher the price, the more trust is required between the customer and the business. Why should the customer believe that your product will do what it actually says?

 

 

There are a few different ways to build trust with your customer. If you sell online products, getting featured on big websites like Yahoo, Mashable, TechCrunch, Washington Post, NY Times, and others is a great way to boost your credibility.

 

 

It’s assumed that you must be a trustworthy and credible business if you have been featured on all the major publications. If people trust you, they will believe in whatever you sell them.

 

 

Creating trust for offline products takes a lot more work. One of the best ways to build trust for offline products is to find distributors or retailers featuring your items. Walmart, CVS, Walgreens, and other major chains typically don’t feature “shitty” products in their store.

 

 

Building trust can be very difficult, but it is one of the easiest ways to sell your products. Find different ways to build credibility for your product and leverage that during the sales process.

 

 

Conclusion

 

Sales is always easier if you’re selling a product that sells itself. Before building your next product, think about what you can do to make it a bestselling product. By overcoming the 5 obstacles above, your product will be ready to sell millions and billions of copies.

 

 

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5 Ways To Make Money While You Sleep

Have you guys heard the news? Passive Income is the big thing for 2013. More than ever before, people are striving to find a way to create income streams that make money passively. This article will share 5 ways to make money while you sleep!

 

Have you guys heard the news? Passive Income is the big thing for 2013. More than ever before, people are striving to find a way to create income streams that make money all the time.

 

 

Before we go any further, we must really understand what passive income is. Most people think it’s an easy way to make a lot of money. They think you don’t have to work, but you still get paid for just launching something.

 

 

No, that’s not exactly what it is. Passive income is when you set up an excellent system that automatically acquires and services customers without you to spend long-term time on it.

 

 

Building the product or service that will automatically do this is step 1, but the far more difficult task is figuring out how to bring a stream of customers to your site everyday.

 

 

This article will share 5 ways to make money even when you sleep:

 

 

1. Mobile Applications

 

Great mobile applications can make a lot of money passively. In order to create mobile applications that create passive income streams, you must do the following things:

 

– Find Simple Apps To make

 

– Find Good Niches

 

– Find Niches With Low Competition

The quickest way to make passive income through mobile applications is to fill niches and voids. People are constantly searching for a variety of different things on their desktops and mobile phones.

 

 

With the mobile stores being relatively new, there are a lot of things users cannot find in the app stores. Finding these things and filling them with solid mobile applications is an intelligent way to make money passively.

 

 

2. E-Book Publishing

 

Another popular route taken by many younger entrepreneurs is to create a passive income stream through e-book publishing. You write e-books much like you would make mobile applications.

 

 

Find topics or niches that haven’t been well-covered by other writers in the book stores and write GOOD books on those topics. E-book publishing is relatively simple and doesn’t require much money (if any) to get started.

 

 

Once you write your book and get it approved into the book store, you simply have to ensure it has a good cover and ranks well in order to make money passively.

 

 

3. Courses

 

Sites like Udemy are also giving many users the opportunity to make a lot of passive income. They have a very simple model, which can be extremely profitable. You create a course or lecture on a topic and get paid a royalty each time someone downloads your content.

 

 

I know some publishers who have taken months of time to create their courses, but have profited well over time. You must be an expert on a certain topic with a lot of demand and craft a well-written course with videos and helpful resources.

 

 

After the course is crafted, spend some time ensuring that your customers will be satisfied with the output. From there, you publish it and make sure that it’s easily searchable for users looking for lectures on that topic.

 

 

4. Websites Filling Needs

 

One of friends in San Diego bought a site off Flippa for $4,500. The site had no revenue/sales coming in, but it had a decent amount of traffic.

 

 

I asked my friend why he bought the site since it wasn’t making any money and he always told me, “Just wait for it”. So I waited and waited, but I didn’t hear back from him for about 4-5 months.

 

 

Suddenly he told me he was making $5,000 a month off this site without doing any work. I couldn’t believe it and I asked him how? He told me he bought the site not because of the name or the traffic, but rather because of the search engine rankings.

 

 

The website ranked very well for a few select keywords. My friend noted down those keywords and found out what the users intentions were when they were searching these keywords. He created a small desktop program that catered to their needs and charged them $30 a sale.

 

 

It took him 6 months to create the software and get all the keywords where they needed to be. However, for the last 1 year he has been making $5,000 or so a month from this website without spending much time on it.

 

 

5. Affiliate Blogging

 

I have never tried this method myself, but I know a lot of people who have found great success with affiliate blogging. You start by creating a blog on a topic you have a large amount of expertise on.

 

 

From there, you can join sites like Commission Junction or ClickBank that allows you to cross promote your blog with other ones. Then you begin to promote it and as soon as you start getting a larger amount of traffic, you’re able to put up affiliate ads.

 

 

Once you create a steady stream of traffic to your blog, these affiliate ads will typically pay off with conversions of 1-3%, which is a solid way to make some passive income each month.

 

 

Conclusion


Passive income is a great way to earn money without working every single day of your life. If you’re a traveler, someone who has other hobbies, or simply wants some extra cash, creating a passive income stream is the way to go!

 

 

photo credit: Jeremy Brooks via photopin cc

How To Get Lucky In Business

Luck is a very interesting word used in the world of business and entrepreneurship. However, there are two types of luck that take place in the world of business. The two types of luck are dumb luck and smart luck. This article will talk about both types and how YOU can get lucky in business.

 

Luck is a very interesting word used in the world of business and entrepreneurship. How many times do people blurt out things like “He’s so lucky he got that deal which is why his company is so big now.”

 

 

As an entrepreneur, I hear the word luck tossed around all the time. It’s usually coming from other entrepreneurs who are envious of someone else who is quite successful. Does luck exist in business?

 

 

Hell yes! Many millionaires, success stories, and big businesses can attribute luck as a factor in reaching their goals.

 

 

Separating Dumb Luck vs Smart Luck

 

Dumb luck is luck that occurs without taking extra initiative. It’s very rare and it’s the type of luck you should NEVER rely on because 99.9% of the time, it’s not coming.

 

 

An example of dumb luck would be a great aunt who passes away and leaves you with a million dollars. You never heard from her and you barely even remember meeting her, but she decided to leave you with a chunk of cash.

 

 

This would be a big example of dumb luck. You didn’t really do anything (besides being born) to get lucky enough to obtain that wealth, but you did anyway. Dumb luck almost never occurs.

 

 

Smart luck is defined as opportunity meeting preparation at any point of time. If you work hard, stick to your plan, and continue building towards your goal…..you’re bound to get lucky every now and then.

 

 

A great opportunity may place itself out of “luck” at anytime. Being at the point of opportunity is completely up to you. The harder you work, the more opportunities you present yourself to, the luckier you get.

 

 

Getting Lucky

 

There is no precise moment in time that you will be get lucky and have all the things you want. In business, luck doesn’t mean you even get everything you need.

 

 

Luck in business is like finding a seed that enables you to grow a big tree. You may be given the opportunity to prove your product to a huge corporation, receive a small endorsement from a celebrity, or anything else that may have an impact on your business.

 

 

Just because Walmart agrees to look at my product does NOT mean that it will get accepted. It’s lucky if you travel each week around the world attending conferences showcasing your product and run into someone willing to give you a shot.

 

 

Suddenly, a corporate representative from Walmart drops by and likes your product. Even though it’s unproven, he decides to give you a shot and puts your product in 1 of his stores to see how it does.

 

 

You just got a very LUCKY opportunity in business. However, you still have NOTHING. All you have is a big opportunity to prove yourself, but you can screw it up with just one wrong move.

 

 

As a successful entrepreneur, your job now would be to execute flawlessly so that Walmart now puts you into thousands of their stores. Once this happens, a great opportunity met with excellent preparation gave you a lucky break.

 

 

Stop Waiting For Luck

 

Never wait for luck. The harder you wish for luck, the longer you may have to wait. In fact, luck may never even present itself to you.

 

 

You should be working hard everyday towards your goals. The harder you work, the luckier you get. Why? Because you’re presenting yourself in front of hundreds and thousands of opportunities.

 

 

Before launching StatFuse a year ago, we contacted hundreds of media/press outlets. Nobody picked us up, but CBS referred us to their sister station known as Channel One news which catered to high school students.

 

 

That stroke of luck brought us thousands of users overnight. If we didn’t get any responses from the first 10 media outlets and decided to stop, we would have not gotten our ‘lucky’ break.

 

 

Luck is a direct result of hard work. You never know what may happen, but as long as you stick to your plan/goals…..luck may play an integral part of your success.

 

 

Conclusion

 

Luck does exist in business. However, waiting on dumb luck will never make you a successful entrepreneur or business owner. Work hard, stay persistent to your goals, and opportunities will come your way!

 

 

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The Ultimate PR Guide For Entrepreneurs

As a young entrepreneur, I’ve been featured on some of the biggest publications, radio shows, and even on television. Getting into the media isn’t easy, but it’s one of the most rewarding experiences ever. This is the ultimate PR guide for entrepreneurs looking to find similar success through the media.

 

When many of us think of PR, we think of big agencies or publicists who go out and pitch to various outlets. However, when I started reaching out to media outlets, it was nothing close to that.

 

 

It was just me trying to figure out what I could do to leverage the media so that my businesses could reap the rewards. Turns out, the media had a big impact on my businesses such as enabling StatFuse to acquire over 12,000 users within a few weeks of launching.

 

 

In addition to that, I’ve been featured on or interviewed on some of the biggest publications out there. I’ve had segments on Yahoo, YFS Magazine, Idea Mensch, New York Times, and many others. Not only that, but I have been on numerous radio shows and even have been interviewed on a television show!

 

 

Check out my segment on television below.

 

 

 

Today, I will share the ultimate PR guide for startups & entrepreneurs so that you can achieve similar success.

 

 

Your Angle

 

Before you can be newsworthy, you need to have a story or news to share with these publications. Media outlets are pitched hundreds (if not thousands) of articles every single day.

 

 

90% of their articles usually revolve around breaking news, current happenings, or things they have to report. That leaves hundreds to thousands of people trying to fit into the 10%, which leaves very little opportunity for you.

 

 

How do you get into the news? Well, you need to be creative and find a very unique angle that you bring to the table. Media outlets constantly described me as, “The Young Entrepreneur Building A Tech Empire” or “The Teen With A Big Business Dream” or “The Young Marketing Guru.”

 

 

Regardless of what they called me, you should be noticing one thing immediately. All of the angles that the PR pushed me as were extremely unique. The press is interested in featuring you to their audience for 2 reasons:

 

 

1. Unbelievable Story

 

2. Expert In Some Field Or Industry

 

 

#1 is your best shot of getting into numerous media outlets. If you bring a new perspective or angle, the press will be happy to share your story with their audience.

 

 

#2 has a lot of competition. It’s tough to be featured on major outlets for being an expert because there’s usually more than just one professional pitching for the spot.

 

 

Regardless of which route you choose to take, you will have to find a unique angle or perspective that you can push through the media. The more unique the angle, the easier chance you have getting published.

 

 

Finding The Media Outlets

 

Now that you have a story and an angle to pitch, you’re ready to find media outlets to share this information with. Over 75% of you are probably searching for a directory with a long list of all the major PR outlets.

 

 

STOP RIGHT THERE! Pitching to every single “major” media outlet never works. I wasted months on this when I started only to realize that I was wasting my time.

 

 

When I did it, it felt too easy and I was right. I got no results, but I had wasted a ton of time and probably screwed up quite a few opportunities. In order to find the right media outlets, you need to begin by reviewing your pitch.

 

 

Based on your pitch (whether you’re an expert or someone sharing a story), what kind of readers would benefit most from this? Make a list of the audience or demographics that would get the most of your story.

 

 

Once you have figured that out, go back to your big list of media outlets and see which of those publications cater to your audience. Remember, you want to be in the media to help you or your business.

 

 

If you’re in all the wrong media outlets, you may be on the homepage of a nice website, but you won’t be getting any results. Craft a list of all the media outlets you want to be in and note down their websites.

 

 

 

The Pitch

 

Publications don’t give you much insight on what you can do to have the best chance of getting your story featured. Typically, most of us go to their contact page and fill out a submission form with our pitches.

 

 

Most of the time, the right people are not seeing your pitch and nobody picks up your story. There is a right way to get your pitch in front of the right audience, but it’s a tedious process.

 

 

Go to your media outlet and visit the section/category where your story fits in the best. For me it was entrepreneurship, business, startups, or marketing. Then, go to these sections and look through recent articles that have been posted within the last 7-10 days.

 

 

Look for articles that are similar to the story you’re pitching. If you’re pitching yourself as a digital marketing expert, look for articles that have to do with marketing. Once you find an article that is relevant to yours, click on the writers name.

 

 

Now you will get to see other articles the writer has written, how often he/she writes, and potentially get access to his contact information. If John at XYZ publishing is the perfect writer for your story, contact him.

 

 

The Contact

 

Now you’ve got your ideal writer at the ideal publication, you’re one step away from getting your story out there. What do you do?

 

 

Most people that get this far, but still screw up. Do NOT simply copy & paste you Media Release (stop calling it press releases, it’s too old-school) and email it over to the writer. THIS IS WRONG!

 

 

The writer now feels like he’s a robot and not a human being. Your chances of being featured have now significantly dropped, unless you have an AMAZING story. We’re going to pretend like you don’t and approach this the right way.

 

 

You will craft an email to John at XYZ publishing where you will praise him and thank him for his great work. You will introduce yourself and explain in just a few sentences the value that you bring. An example of this email would be:

 

 

Hey John,

I loved your article on “Social Media Marketing Tips” from Friday. I thought you did a great job discussing the influence Pinterest will have on businesses in the near future.

I wanted to introduce myself. I’m a 20 year old entrepreneur, digital marketing consultant, author, and public speaker. If you ever need insight on any other future articles that revolve around digital marketing, I would be happy to offer my expertise. I’m extremely passionate about digital marketing and offer a unique perspective on the topic due to my young age.

Here’s also a link to my website if you do want to learn a bit more about me, www.JeetBanerjee.com. Thanks again for a great article and I hope to talk with you more soon.

Thanks,

Jeet

 

 

That’s it! Compliment him on a recent article, share who you are and why you matter, and then leave him some basic information before ending the email.

 

 

The Close

 

Just like anything in business, you have to be a damn good closer to get what you want. Pitching to media outlets is also much of the same. You’ve just finished sending your email to the writer and have done everything right so far.

 

 

You still may not get the feature you’re looking for unless you close very well. The writer may just email back saying, “Thanks so much for the kind comments. I will keep you in mind for future articles.”

 

 

As nice as that may sound, it means he will forget about you and never really feature you in his future articles. To close these writers, you need to constantly remind them of your presence and build a positive relationship with them.

 

 

One email isn’t enough to get you in their radar. From here, you will want to keep a tab on this writer and email him every 2-3 articles he posts. Now instead of introducing yourself, you can continue sharing your perspective on his articles to show him how well you know your stuff.

 

 

Sometimes this process can take months! It’s all about following up and building a relationship with writers. Writers don’t want you to be their friend just for the 5 minutes they write an article on you. They’re looking for people who are looking to build positive relationships with them.

 

 

In December of 2012, I established a great connection in NBC. I was told by the reporter that he would get an article done on me sometime that month. Fast-forward to today and a ton of following up, he still wants to do the article on me but has to wait.

 

 

It’s not an easy process getting yourself in big media outlets, but the rewards are well-worth the effort.

 

 

Conclusion

 

Mastering the art of PR is extremely tough. It takes a lot of hard-work and practice, but the rewards are worthwhile. This is the ultimate PR guide for entrepreneurs looking to successfully place themselves in major media outlets. If you have any questions or comments, please feel free to share them below!

 

 

photo credit: Valerie Everett via photopin cc

5 Networking Tips To Master

Whether or you’re running a business, an aspiring an entrepreneur, or someone looking for opportunities, networking is essential to your success. It can be tiring and tedious, but the results from networking are often extremely rewarding. In order to get the most out of your networking sessions, here are 5 networking tips to master:

 

Whether you’re running a business, an aspiring an entrepreneur, or someone looking for opportunities, networking is essential to your success. It can be tiring and tedious, but the results from networking are often rewarding.

 

 

In order to get the most out of your networking sessions, here are 5 networking tips to master:

 

 

1. Come On Time

 

As someone who goes networking very often, I’ve realized that being late can quickly ruin a networking session. When you arrive late, everyone has already assembled into their groups and began networking.

 

 

When you come early, it’s easy to find conversation partners and you’re able to network in a far more relaxed manner. Coming late makes it difficult to fit in causing you to miss out on many networking opportunities.

 

 

2. Stop Pushing People Away

 

The biggest way to lose a connection is by selling, selling, and selling! You talk to someone and suddenly they begin talking about how great their business is and how you can definitely utilize their services.

 

 

I immediately begin looking for my next conversational partner when this happens. Stop selling your services and just have a nice conversation. Share your passion, what you do, and why you do it. Ask the other person to share exactly the same.

 

 

If they can help you with anything you’re doing or vice versa, share how so. Otherwise, exchange business cards and thank them for the great introduction. They will remember what you do and if they ever need your services, they will get in touch with YOU.

 

 

3. Be Friendly

 

If you want to be approached by more people, look as friendly as you possibly can. Be sure to smile, talk nicely, and always be polite. Being friendly is extremely important if you wish to have a positive networking session.

 

 

4. Avoid Awkwardness

 

Anytime you’re meeting new people, things can get a little awkward. It’s all about being smooth and avoiding awkwardness to ensure that both conversational partners have a good time.

 

 

You always want to ask easy questions when things seem to be getting awkward. Common easy questions include, “What brings you to this event?” or “How’s your day going?”

 

 

In times where you can’t find a conversational partner, join a group. The easiest way to do this is by joining in and saying “May I join you guys?” For those of you who aren’t extroverts, you can also learn a lot about people by simply listening to their story.

 

 

5. Do It Because You Want To, Not Because You Have To

 

The last networking event I went to, I met a guy who hung out by the chips and dip. While there’s nothing wrong with that, he was at a networking event but not chatting with anyone.

 

 

I thought he might be extremely shy, so I decided to make the extra effort and talk to him. After talking to him, I realized he really didn’t want to be here. He was sent by his boss to this networking event even though he absolutely hated these types of things.

 

 

This guy surely didn’t make any valuable connections during this session and probably didn’t talk to anymore than 5 people throughout the night. If you don’t want to network, don’t do it. Forcing yourself to network is extremely tough and people will catch the bad vibe.

 

 

Conclusion

 

Regardless of what you do, networking is a valuable experience. You meet new people, open new doors, and possibly make lasting connections with people. These are 5 networking tips that can help you greatly when mastered.

 

 

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